In the spirit of the holiday season, what if you thought of your HMDA data as the ultimate gift? In a way, your HMDA data is a gift that keeps on giving. Every year your HMDA data provides valuable information about your institution’s lending practices. Your gift list includes regulators, the Board, your community, and your clients. This year make sure that everyone on your list is pleasantly surprised – and gets exactly what they hoped for.
First submit accurate and properly formatted data – and tie it with a bow! Then put some serious thought into conducting a review of your policies, procedures, lending activity and data to let your customers know how much they mean to you. And for those tough-to-please people on your list – conduct a HMDA data file review. You can take comfort knowing that your gift will be well-received by your regulator and very much appreciated by your Board.
We can help you tackle your gift list this year. With our broad experience and deep expertise we can provide the consulting services and technology solutions to help you from HMDA submission season to preparing and analyzing accurate data for an exam. Whether you are looking for a technology solution to format the data or don’t have the internal resources to do the work, below are some available solutions to help make your HMDA management responsibilities a little easier. For more information call Jennifer at 781-663-5378 or visit www.pciwiz.com.
Concerned about your HMDA compliance program?
Engage our consultants for a HMDA Compliance Program Review. Start the year with a professional review of your HMDA data management program to ward off the last minute submission crunch next year. Go into the New Year knowing that your institution has sound policies and procedures for collecting, editing and submitting HMDA data. Make sure operational procedures are in place to collect and when needed correct HMDA data. Conduct transactional testing on a sample of loan files to test compliance with regulatory requirements, determine if they conform to institution policies, identify risk, and implement a remediation strategy, if needed.
Need a HMDA management technology solution?
Whether you just need a solution for HMDA data or your technology needs to extend to CRA and fair lending data controls, find a solution that fits your budget, loan volume level, and reporting requirements. Our solutions can be integrated with loan origination or secondary market systems to perform data cleansing and standardization, compliance-grade geocoding, demographic data retrieval, high cost loan assessment, and premium loan locator functions.
Low on resources and worried about the HMDA submission deadline?
If you lack the resources in house to prepare your 2009 HMDA data, consider outsourcing the process. The HMDA Submission Services Package is a cost-effective outsourcing service that makes CRA and HMDA submission as easy as possible. The service includes importing a HMDA and/or CRA year end file, geocoding it, checking for any quality, validity, and/or syntactical errors, and submitting it to the government electronically using their required format. As part of the service offering, we will inform you of any government edits that are contained within the data files, providing the opportunity to make corrections or verify the data is correct. In addition to having the data submitted free of errors, you’ll also receive reports summarizing the data in the submission file and the transmittal sheet. The file, after it has been verified as “validity and syntactical-error free,” is encrypted using the FFIEC’s encryption software and submitted electronically.
Worried about potential HMDA data issues?
Resolve potential data quality issues before submission or in preparation for an upcoming exam. The HMDA Data Scrub is a cost-effective outsourcing service for conducting manual file review and resolving potential data discrepancy issues. This offering is ideal for clients that lack the internal resources to manually review a large volume of loan files on a tight schedule. A team will check critical fields in the HMDA Loan Application Registry (LAR) electronic file against the corresponding fields in the paper loan files. They will return a report detailing all uncovered discrepancies. Importantly, this service can include a report on the client’s current process for collection and editing HMDA records, describing gaps in the process and making recommendations for mitigating data entry errors going forward. Furthermore, while the team is in the loan file validating HMDA data they can also collect or validate the basic fair lending fields or conduct an independent test of your HOEPA designation.
Need to Get Up to Speed Fast on HMDA Basics?
Register for our Back to Basics training webcast, HMDA Essentials: Purpose and Reporting Requirements, Thursday, January 7th, 1:30 – 3:00pm Central. Cost $249. Click here to register.
